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News. Now for the latest financial news with World Business Report. | :00:00. | :00:15. | |
Share markets surge on signs of progress in Washington as the | :00:16. | :00:19. | |
deadline to resolve the US debt crisis edges closer. And you can | :00:20. | :00:25. | |
still count on us ` embattled smart phone maker Blackberry publishes an | :00:26. | :00:28. | |
open letter to customers saying it has a future. | :00:29. | :00:37. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:38. | :00:45. | |
programme our team in the US takes a look at what a debt default would | :00:46. | :00:48. | |
mean for the millions of Americans reliant on social security spending. | :00:49. | :00:55. | |
Markets have jumped over night on the back of the news that US senate | :00:56. | :00:58. | |
leaders have made progress on a deal to reopen the government and avoid a | :00:59. | :01:03. | |
breach of the country's debt limit. But time is running out fast. There | :01:04. | :01:08. | |
are only two more days left before the US government loses its ability | :01:09. | :01:13. | |
to borrow money to pay its bills. If lawmakers fail to stop the US | :01:14. | :01:15. | |
government from defaulting on its debt, the impact on the markets | :01:16. | :01:22. | |
would be enormous. Rico Hizon is at our Asia business hub with the | :01:23. | :01:30. | |
latest. Nice to see you. Rico talk us through the trading day. Markets | :01:31. | :01:38. | |
are betting US politicians will indeed a result of this ongoing | :01:39. | :01:44. | |
gridlock. We are seeing stocks rebounding as a regional sentiment | :01:45. | :01:48. | |
continues to mirror mood on Wall Street. They are clean to what | :01:49. | :01:55. | |
senior US leaders are saying and that they are close to a deal, | :01:56. | :02:01. | |
possibly averting a debt default. Overall, traders remain cautious | :02:02. | :02:11. | |
until they see the final income. Shares are rising to the highest | :02:12. | :02:20. | |
levels in nearly five months. Hong Kong shares a touching a three`week | :02:21. | :02:24. | |
high. We also have some regional market closed due to holidays. So | :02:25. | :02:31. | |
for now financial markets are betting US politicians will reach a | :02:32. | :02:36. | |
deal before October the 17th. But for millions of Americans who | :02:37. | :02:38. | |
receive benefits such as social security and Medicare government | :02:39. | :02:42. | |
spending is their lifeline. Mariko Oi in New York takes a look at the | :02:43. | :02:53. | |
impact a default would have on them. This woman has been receiving social | :02:54. | :03:00. | |
security cheques since 2008 when she lost her job during the recession. | :03:01. | :03:05. | |
It is my life sustaining income. I need it to live. I worked for 40 | :03:06. | :03:13. | |
years and worked very hard, putting into the system, and I rely on it to | :03:14. | :03:23. | |
be there for me. Wendy is almost one of almost 58 million Americans who | :03:24. | :03:26. | |
receive money through the social security system. The money they | :03:27. | :03:34. | |
spend is a big boost to the economy. Continued `` contributes $1.3 | :03:35. | :03:38. | |
billion and can affect 9 million jobs. We know that the every $1 that | :03:39. | :03:47. | |
a recipient gets, and other $2 is better fitted by individuals and | :03:48. | :03:53. | |
businesses. Is this a time that we want to come back on an economic | :03:54. | :03:59. | |
driver that is as strong as Social Security ` it isn't really the | :04:00. | :04:03. | |
bedrock. If they stop spending money, it will affect the economic | :04:04. | :04:08. | |
growth. If they fail to raise the debt ceiling, the US government will | :04:09. | :04:11. | |
only be able to spend the government it gets from it tax revenue and that | :04:12. | :04:16. | |
only covers two thirds of all the payments that it needs to make. | :04:17. | :04:22. | |
Nobody knows exactly how big the impact will be on the economy. But | :04:23. | :04:28. | |
for people like Wendy, the impact on her livelihood and her spending will | :04:29. | :04:35. | |
be swift and damaging. Todd Buchholz is Former White House economic | :04:36. | :04:38. | |
adviser and CEO of Sproglit a software company. You have worked in | :04:39. | :04:52. | |
the White House, it gives us your take on this political deadlock | :04:53. | :04:56. | |
because many in America feel they are taking it way too far? It is not | :04:57. | :05:02. | |
unprecedented. In fact, you can go all the way back to the 1970s when | :05:03. | :05:06. | |
President Richard Nixon was on the ropes and Senator Ted Kennedy and | :05:07. | :05:12. | |
others challenged the debt ceiling vote and tried to revoke finance. | :05:13. | :05:25. | |
When we tried to liberate Kuwait, they were debt ceiling debates. But | :05:26. | :05:32. | |
the tension is high. The debt ceiling will not be breached, I | :05:33. | :05:36. | |
think. I think a deal will be done by politicians on both sides want to | :05:37. | :05:42. | |
take a pound of flesh from the other. Who will get the pound of | :05:43. | :05:49. | |
flesh was back who will have to give up most stashed the Obama | :05:50. | :05:53. | |
administration or the Republicans? Look at it this way, the Senate Rob | :05:54. | :05:57. | |
Lee in the next day or so, will bravely and boldly decide to waive | :05:58. | :06:07. | |
our decision till January. The deal will simply tell them that they will | :06:08. | :06:14. | |
need to convene again and once again negotiate these in January. There is | :06:15. | :06:18. | |
no talk right now a sincere long`lasting bring it on spending | :06:19. | :06:24. | |
within the US. At this moment, it looks like the President and the | :06:25. | :06:29. | |
Democratic party have the edge because of the Republican gambit did | :06:30. | :06:34. | |
not work so well. The Republicans are not going to be able to dislodge | :06:35. | :06:39. | |
President Obama from his healthcare plan which some of them had hoped to | :06:40. | :06:43. | |
do. In the meantime, you are an economist, what damage is this doing | :06:44. | :06:48. | |
to American businesses and the economy? The economy is at a low | :06:49. | :06:58. | |
from the beginning of the fall. In September, things looked weaker than | :06:59. | :07:05. | |
three months before. It is taking a toll on the confidence in the | :07:06. | :07:10. | |
market. That means this needs to be resolved soon or else it could start | :07:11. | :07:15. | |
affecting businesses if they decide that spending will affect the | :07:16. | :07:20. | |
Christmas season. If we are going to avoid a recession, it is important | :07:21. | :07:27. | |
to get the deal done pretty sad. Thank you for your time and | :07:28. | :07:34. | |
perspective. `` pretty soon. We will continue to cover that story. | :07:35. | :07:37. | |
Embattled smartphone maker Blackberry is publishing an open | :07:38. | :07:39. | |
letter to reassure customers about its future. The letter ` which | :07:40. | :07:44. | |
appears in more than 30 daily newspapers in nine countries ` | :07:45. | :07:46. | |
admits the firm is facing challenging times but adds that it | :07:47. | :07:50. | |
is taking measures to tackle them. It comes just days after research | :07:51. | :07:53. | |
firm Gartner recommended customers should move to other technologies. | :07:54. | :07:58. | |
Blackberry made a net loss of nearly $1 billion in the second quarter and | :07:59. | :08:00. | |
has agreed to be bought by its biggest shareholder for $4.7 | :08:01. | :08:06. | |
billion. Larry Magid is a financial analyst for Cnet. Nice to see you | :08:07. | :08:14. | |
again. What do you make of this latest move by BlackBerry? It | :08:15. | :08:21. | |
strikes me as a type of desperation. They do have a lot of cash in the | :08:22. | :08:28. | |
bank. I have no doubt that they will be around for the foreseeable future | :08:29. | :08:32. | |
but the reason a worry that the new owners might break them up and sell | :08:33. | :08:36. | |
the pieces. Anyone who has a big investment in hardware and | :08:37. | :08:44. | |
services, it is a way to assure the current customers everything is game | :08:45. | :08:48. | |
to be okay. It may stop customers from jumping ship but it will not | :08:49. | :08:54. | |
encourage anybody to go out and buy a BlackBerry. What you think the | :08:55. | :09:04. | |
future holds for BlackBerry ` it has a deal done with Fairfax that what | :09:05. | :09:10. | |
will the future be will it survive? For the foreseeable future it will | :09:11. | :09:15. | |
survive. But it not seem much grace. `` growth. It could be many | :09:16. | :09:24. | |
years from now before it is no longer with us. Thank you very much. | :09:25. | :09:34. | |
Let's show you the markets. Interestingly, do note that | :09:35. | :09:40. | |
Singapore and India are closed today. I wanted to show you the | :09:41. | :09:51. | |
close in the US. London and Paris will open in a couple of hours. The | :09:52. | :09:56. | |
sentiment is positive right now because, of course, it is thought a | :09:57. | :10:01. | |
deal may be done very soon. I will be back to look through the papers | :10:02. | :10:03. | |
later. See you soon. New figures show the number of cases | :10:04. | :10:21. | |
of kidney cancer in England has risen by more than 30% in the last | :10:22. | :10:24. | |
ten years. Now, Public Health England is launching a new TV | :10:25. | :10:27. | |
advertising campaign to try to persuade people to take the early | :10:28. | :10:30. | |
signs of the disease more seriously, after research showed that many | :10:31. | :10:36. | |
people are ignoring them. This is one of the television ads designed | :10:37. | :10:40. | |
to raise awareness of kidney cancer. It is also an attempt to | :10:41. | :10:44. | |
focus on one of the main symptoms. Blood in your your ride can be a | :10:45. | :10:58. | |
sign of cancer. `` urine. The number of cases have gone up by 30% in an | :10:59. | :11:01. | |
decade. | :11:02. | :11:06. |